Brazil Daily

Petrobras diluted in deal for oil distribution company

Good morning! Petrobras diluted its shares in oil distribution company BR Distribuidora, continuing its divestment plan. The hunt for cell phone hacking suspects, believed to be the source of news website The Intercept. Brazil’s country risk at a 5-year low. And new criteria for pesticides.

Petrobras diluted in deal for oil distribution company

Brazil’s state-owned oil and gas company Petrobras concluded on Tuesday a follow-on offering of shares, selling 35 percent of the capital of BR Distribuidora, an oil distribution subsidiary for BRL 9.6bn. The deal diluted Petrobras’ stake from 71 to 37 percent, making BR Distribuidora a privately-controlled company....

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